Paypal’s Chief Executive Officer Dan Schulman is excited about the future of digital currencies and their inherent role in the payments ecosystem.
Speaking to Israeli tech-media outfit CTech, the payments giant’s boss, said the current trading activities and outlook of the nascent asset class are not to be compared with the deep utilities they present, most of which are still currently being figured out.
“I’m very excited about what crypto and digital ledger technology can do to the financial system going forward,” PayPal CEO Dan Schulman told CTech ahead of his keynote speech at Axis Tel Aviv. “I think the initial things that everyone thinks about Crypto, buying and selling it, and what the price of bitcoin is going to be tomorrow, that’s the least interesting part about digital currencies to me. That is thinking about digital currencies as an asset class. To me, the real exciting thing about digital currencies is what kind of utility can they provide in payments.”
Paypal is one of the first mainstream payment companies to dip its feet into the world of digital currencies when it rolled out support for the major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) back in 2020. Since then, the company has extended the crypto payments support services from the United States to the United Kingdom, a move that helped expose millions of its app users to the developing world of cryptocurrencies.
Paypal-owned Venmo has also rolled out support for Bitcoin. The acquisition of Curv, a crypto custody firm back in March 2021, has further ingrained the company into the diverse, decentralized digital currency world. The latest doubling down on cryptocurrencies confirms Schulman’s unwavering support for the nascent asset class he declared is fated to go mainstream as far back as October 2020.
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